IIFT Daily Note with Peter Brown

December Markets. It’s Friday afternoon every day!

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We are in December. Any trader who has made their budget is finished for the year. The overriding sentiment will be big moves on small news. The markets are thin!

With this in mind we may range. The main story is still the fiscal cliff and it will probably run until year end. Expect ‘risk on’  ‘risk off’ trading with little macro direction. A good strategy is to limit yourself to a daily budget of about 50/75 points.Your good days should yield a good deal higher and you have the possibility of some large wins. Trade at the edge of the ranges only. Trades in the middle are a waste of time.

Today the Euro is 1.3050  to 1.2940  S&P  1419  1410

On the USD/JPY strategic trade it has not corrected from an overbought position on the daily chart yet. Support is at 81.50 a good level to buy if we see it.

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